2018-7-19 22:11 |
In less than a month, bitcoin
BTCUSD, +1.12%
has roared back, rising more than 30% since June 24, highlighted by Tuesday’s 10% rally that saw bitcoin break a number of psychological and technical levels closely monitored by traders.
Although bitcoin remains more than 50% off its all-time high, the tide is turning, both in the price and in overall sentiment.
Read: Brutal bear market for bitcoin doesn’t stop record inflows to this digital asset firm
Sluymer’s colleague Tom Lee, who is one of the staunchest bitcoin bulls, told CNBC on Tuesday that buying bitcoin when it is 30% below its 200-day moving average, a closely watched momentum indicator, would have a six-month profitability return of “close to 100%.” Lee continues to hold a year-end price target for bitcoin of $25,000, which is shy of the $40,000 that noted hedge-fund manager Marc Lasry said the No.
Speaking at the Delivering Alpha conference Wednesday, Silbert, the chief executive of Digital Currency Group, said bitcoin has likely put in its low for 2018.
Read: Don’t fight the FUD: HODL onto this list of bitcoin terms you need in your vocabulary
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